India’s Clean Energy Industry To Get Projects Worth $197 Billion In the Sector

India is becoming more and more sustainably strong with each passing year. In 2021, India crossed the milestone of installing 40% cumulative electric capacity from non-fossil fuels which were nine years ahead of the set target of 2030.

Recently, the government shed some light on the ongoing renewable energy projects in India. Costing nearly $197 billion, a total of 493 renewable energy projects are underway in India of which 464 are government-aided.

This opens up huge opportunities for the Solar panel manufacturers in India as the projects demand a skilled workforce and high-end solar PV modules.

India's Solar Energy Targets

With many technological advancements in Solar Products In India, India's installed renewable capacity is increasing at a rapid rate. India keeps on revising its solar energy targets to match up with the pace of Solar plant installations.

At present, India's solar energy target is 100 GW for December 2022, and 300 GW for 2030. Although, due to lesser solar rooftop installations, India is expected to fall short of its 2022 target by 25 GW. And if we make predictions based on the current trajectory, India's 2030 solar target will be off the mark by about 86GW.

However, with renewable energy projects worth nearly $197 billion on the go, the present scenario will change for the better.

• A total of 493 projects are underway, out of which 464 are government-aided.
• The National Programme on High Efficiency Solar PV Modules’ is being promoted to boost the manufacturing of high efficiency solar PV modules.
• The Finance Minister has announced an additional outlay of ₹19,500 crore.
• An estimated outlay of ₹25,425 crore has been made for the green hydrogen economy, which is expected to generate 4.1 million tonnes of annual green hydrogen production.

Potential Of India In The Renewable Energy Sector

India holds huge potential in producing sustainable energy and achieving the feat of net-zero carbon emission, as stated by the honourable Prime Minister Narendra Modi at the COP-26 summit in Glasgow. With large investments in solar projects by the Indian government itself and an increased interest of developed countries in investing in Indian Solar module manufacturing companies, the target seems achievable up to a great extent.

However, it also demands a massive growth in domestic manufacturing in the solar photovoltaic sector in the upcoming years. As well as an increase in solar plant installation in residential, commercial, industrial and agricultural areas.

Conclusion

India is taking big steps in increasing its renewable power capacity and commendable results can be seen in the utility scale domain. But the underperformance of installation of Solar rooftop solutions in India is keeping it from reaching the set targets. Although, India can upscale the production of high-efficiency solar PV modules by investing in and promoting Indian Solar module manufacturers to achieve the renewable energy targets.